Are you thinking that Gig Harbor would be a great place to retire? You’re not alone. A recent study conducted by SmartAsset found Gig Harbor to be the fourth top place to retire in the U.S. In addition to having close access to the Puget Sound and beautiful beaches, Gig Harbor is also known for its tax-friendliness, excellent medical care, and ample social opportunities for retirees.
If you’re considering moving to Gig Harbor, there are some home mortgage loan options you should definitely know about! Below, we’ve discussed them in detail.
Home Mortgage Loans for Moving to Gig Harbor
You’ve worked hard over the years. Retirement is your reward. You should be able to relax and spend your time however and wherever you want! If you have your heart set on retiring in Gig Harbor, these home mortgage loans could help you in fulfilling your dreams:
If you’re able to make a substantial down payment, you may be able to take out a conventional mortgage, even if you’re retired. You’ll still need to be able to provide proof of income, whether you obtain your income from social security or somewhere else. Other examples of income sources could include a government or corporate pension, retirement account, investments, or annuity payments.
If you’re not able to make a large down payment or are concerned about your ability to qualify for a conventional mortgage, you could consider an FHA loan instead. The FHA loans are available to qualifying retired individuals with credit scores as low as 500, so long as they make a 10% down payment. If your credit score is 580 or higher, the down payment is only 3.5%.
HECM for Purchase
A HECM for Purchase loan is a type of reverse mortgage that’s available to seniors aged 62 and older. This type of loan allows qualifying senior borrowers to buy a new primary residence with funds obtained from a reverse mortgage. First, you’ll need to pay a down payment using money obtained from the sale of the previous home or other savings. Then, the equity gained through the down payment and the new home’s value is used to calculate your loan amount. For more details on this process, please do not hesitate to contact our office.
Learn More about Gig Harbor Home Mortgage Loans
Searching for Gig Harbor home mortgage loans? Let us help. Call our office today to speak to an expert and get more information.